GBP/JPY: Retesting The Support 11/2/2022

GBP/JPY touched the bullish target required to be achieved during the previous trading session, at 157.40, bypassing the target station, to record its highest level around the psychological barrier of 158.00.

On the technical side today, the pair failed to maintain its gains due to hitting the resistance level at 158.00, and the stochastic indicator started showing negative signs in addition to stabilizing the intraday trading below the resistance level of 157.45.

GBP/JPY may witness a bearish tendency to visit 156.20; the decline below the mentioned level increases the negative pressure on the pair towards areas of 155.30 as long as the price is stable below 157.45.

Consolidation again above 157.45 is leading the pair to recover, to visit 158.00.

S1: 156.20	R1: 158.00
S2: 155.30	R2: 158.95
S3: 154.40	R3: 159.80